The market situation at Black Sea was far from positive last week but at least downward trend has slowed down a little bit.
While billets & long product prices witnessed small downward adjustments at Black Sea as compared to the previous week, HR prices exhibited major dip especially of Russian origin.
Although some market players from buyer’s side were dropping USD 450 per tonne FOB Black Sea for billets, it remained a hypothetical level for the market and was probably for some urgent quantities. Some deals were also reported at USD 460 levels. As such billet offers were maintained by producers at USD 470 per tonne to USD 510 per tonne.
For finished longs, Ukrainian and Russian producers were trying to maintain previous week levels with rebars at USD 530 per tonne. However general quotations for Ukrainian material were reported at USD 550 per tonne to USD 570 per tonne.
For finished flats demand remained very poor last week thus forcing producers to lower prices.
The heaviest drop was seen in the Russian offers. Just in one week they lost about USD 100 per tonne, but this is a kind of “cumulative” correction.
As per market reports, a major Ukrainian HR mill has finalized about 35,000 tonnes of HR under tow separate deals one with an Italian buyers directly and another one with Ukraine based trading house for Pakistan at USD 560 per tonne FOB ST Black Sea.